The total crypto market volume over the last 24 hours was $167.59 billion, which makes a 0.55% decrease.
High buying pressure from the two leading Crypto assets by market value has pushed the crypto market valuation near $2 trillion.
The flagship Crypto, Bitcoin, which was significantly responsible for this feat, has posted gains of more than 16% in the last 7 days, while Ethereum hit the $2,000 mark. At the time of writing this article:
Crypto pundits have cited that the heightened interest in these cryptos is emanating from a growing interest from institutional investors as seen from trend-following hedge funds, and lately, the powerful banks; coupled with credible reports hinting that Coinbase, the world’s most valuable online crypto trading platform, has gotten approval for its direct listing at the Nasdaq.
Experts also buttress on market indicators revealing that 78% of Bitcoin’s circulating supply is illiquid meaning that it is harder for a growing number of retail investors to have access to the prized Crypto at a fair value.
Adding credence to this bias, includes data from Glassnode revealing Bitcon’s number of Exchange Deposits (7d MA) just reached a 1-month low of 2,845.357, meaning there are fewer sellers of the world’s most popular crypto asset.
Previous 1-month low of 2,847.935 was observed on 26th March 2021.
Previous 1-month low of 2,847.935 was observed on 26 March 2021
View metric:https://t.co/v3uKq4dCjX pic.twitter.com/S8hZkdlnsi
— glassnode alerts (@glassnodealerts) April 2, 2021
In addition, Crypto assets have enjoyed exponential gains, as global financial markets become awash with record stimulus deals, triggered by global central banks using such dovish strategies in supporting the fragile global economy.
The incredible feats seen lately shows that the ever-changing financial market is enjoying strong buying pressures on the bias that global investors are keen on hedging against inflation-prone assets like currencies.
Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.
I want to be part of it
Crypto traders and investors can trade these sports tokens on Crypto exchanges like Chiliz.net, Binance and others.
A growing number of football teams are now venturing into crypto for obvious reasons. With a Covid-19 battered global economy, football teams have had their stadium gates closed in compliance with lockdown measures aimed at curtailing the spread of the virus, leading to billions of dollars in losses.
Data from Deloitte, revealed that major football league clubs will have lost over €2 billion in revenue by the end of the 2020/21 season, including amounts foregone in respect of 2019/20, as a result of the COVID-19 pandemic, primarily due to:
READ: Cristiano Ronaldo becomes first footballer to earn Crypto
Taking into account that the top 20 football clubs generated a combined €8.2 billion in 2019/20, down 12% on the prior season (€9.3 billion), it then becomes unsurprising that football clubs would be searching for other revenue channels and innovative strategies to keep their fans engaged.
Sports teams take advantage of the feeling of ownership exhibited by their fans. It is logical, therefore, for football teams to explore avenues that strengthen fan loyalty and their passion for the game.
Juventus the best-supported football club in Italy became the first team offering the world’s first fan token.
Holders of the Juventus Fan Tokens ($JUV) will be able to vote on some specific decisions made by the club, such as changes to the club’s jersey. They can also earn rewards while doing so, as well as access exclusive content and memorabilia.
READ: Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin
Recall that the world’s highly respected footballer, Cristiano Ronaldo collected about 770 Fan Tokens ahead of Juventus’ match against Benevento some weeks ago, as a way of marking his record-breaking goal milestone.
It is the first time a footballer has been rewarded with Crypto, which is becoming a prominent feature in the interaction of fans with the world’s most popular sport.
A growing number of fans holding the leading Italian football team’s token are obviously smiling to the bank. At the time of writing this article, the fan token has already generated returns of about 596.98% within a span of 11 months according to Coinmarketcap.
Barcelona FC has also seen its token rise by over 1,500% since its launch at $2; and now trades at about $35 (at the time of writing this article), posting massive gains to holders of such asset.
Manchester City Football Club is the latest football club exploring sports fan tokens. Registered Manchester City fans can use these tokens to get rewards or giveaways organized by the football club, play mobile games, access promos, and vote on the club’s polls.
READ: Cryptos likely to gain at least 1000% very soon
Besides Manchester City Football Club, Barcelona and Juventus, other clubs that have signed deals with Socios.com, a first-of-its-kind mobile app for football fans to vote on club-specific decisions, include AC Milan and Paris Saint-Germain.
Manchester City Football Club has announced that it will be rewarding all registered fans with free $CITY Tokens. Such offering is seen as a reward for fan loyalty and, therefore, increases the clubs’ engagement with their fans. Other teams like Liverpool Chelsea, Arsenal, and Manchester United are also towing the path.
The use of crypto in sports will also address geographical challenges and trigger the global expansion of sports and teams. Football clubs are now using blockchain to facilitate better experiences for their fans and presently, Chiliz is the crypto used in buying these sports fan tokens.
Crypto traders and investors can trade these sports tokens on Crypto exchanges like Chiliz.net, Binance and just recently, HitBTC added AC Milan (ACM), Juventus (JUV) and Paris Saint-Germain (PSG) fan tokens to their platform.
We have successfully added AC Milan (ACM), Juventus (JUV) and Paris Saint-Germain (PSG) Fan Tokens to our platform.
Trade $ACM, $JUV and $PSG against $USDT, visit: https://t.co/nGfrMnquKU pic.twitter.com/DpeoEAoojJ
— HitBTC (@hitbtc) April 2, 2021
Nairametrics anticipates that such engagements with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.
However, as this market segment grows and becomes increasingly concentrated, Crypto education also becomes necessary. Supporters of the most popular sport games need to adapt and work adaptively with their respective football teams in utilizing these tokens more efficiently rather than for just speculating price movements.
A crypto expert has highlighted 2 crypto assets that he expects would likely push higher in the near term.
Tyler Swope a highly revered crypto trader recently announced some relatively unknown crypto assets via his YouTube channel that he anticipates would likely push higher in the near term.
On the YouTube video, he started by endorsing Chainlink’s (LINK) node service provider LinkPool (LPL), adding credence to its strong structure within the niche segment it occupies.
His next pick was Alchemist Coin (MIST) a non-fungible token (NFT) project, on account that it could permit early users to get limited edition NFTs known as crucibles. These first version non-fungible tokens could help owners with major value in the future as the protocol grows, notes Swope.
READ: Investor buys first Crypto artwork for $70 million
“The proposal is overwhelming, yes, and ended today. It proposed, that v1 (first version) crucibles be limited to those using the terminal or PowerShell… a.k.a technical user. Once the frontend UI (user interface) launches, those users will get v2 (second version) crucibles using that interface. The crucibles, are NFTs, thus having a v1 limited edition could be a valuable thing down the road.”
Davis, a top crypto strategist also highlighted his bias that altcoins could provide investors with incredible returns and why investors should not just focus on the flagship crypto.
“2021 is seriously one of the biggest opportunities of your financial life. The potential for life-changing money to change your financial destiny in 2021 is incredible.
“But here is the truth, if you just buy Bitcoin, you are not going to see the exponentially huge gains. You will get decent returns but if you want to make the big money you got to invest in altcoins.”